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Rising calls for a ECB September rate cut increase pressure on the EUR/USD
The Pan-European flash PMI data has just been released and it also followed the earlier French and German numbers lower and that is weighing further on the DAX and the CAC. The CAC is at risk of a drop below the recent, post French election low at 7,450 and the DAX is getting hit again just now as Deutsche Bank shares get hammered by nearly 8% following their poor Q2 results. The EUR/USD is now approaching that noted longer term moving average support. The 200 day moving average is in place at 1.0818 and the EUR/USD is not far above that level now having earlier fallen below the noted technical support at 1.0840. The calls for the ECB to cut rates again in September are now growing louder following this PMI data today and the price action in stocks is not detracting from that right now either. The EUR/USD is currently trading at 1.0827
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